Thu, 13 Jun 2019 | ADMINISTRATION
GPC Sipp Limited, a firm specialising in providing technical and administration services to the Guardian Pension Trustees Limited, has collapsed into administration.
The company has called in financial advisory specialists Smith & Williamson to handle the administration process, with partners Adam Stephens and Henry Shinners appointed as joint administrators.
In a statement to the public, the administrators claimed they were exploring ways to rescue the company with a view to selling it in order to attain the best possible outcome for its clients. A sale would include the transfer of client assets to the new provider.
Stephens said: “In line with [our] objectives, the joint administrators are continuing to trade the business whilst in ongoing discussions with a number of interested parties as part of our work to try and sell the company’s business as a going concern.
“Any interested parties should contact the company immediately. All existing employees have been retained as part of this process.”
Estimated to have a total investment value of £130 million, GPC Sipp is the corporate trustee of 50 small self-administered schemes and 3,200 self-invested personal pensions.
However, the company’s decline was a result of it having 2,700 Sipps with alternative investments, a significant number of which failed. As a result, 141 Sipp clients have launched legal action against GPC, which caused a “significant drain on resources” leading to insolvency.
The administrators further noted that the company had not marketed their services since 2013 due to the failed investment of the assets in the Sipps between 2009 and 2012.
Guardian Pension Trustees Limited is not in administration.
Expressions of interest from potential buyers are actively being invited by the administrators.
For more news stories about administrations click here. For all our administrations listings, click here.
Established employment agency specialising in supplying permanent contract and temporary candidates for vacancies in highly specialist sectors. With a strong foothold in multiple niche disciplines the company has in-depth specialist knowledge working...
Single site Solicitor practice based in the Beds, Bucks and Berks borders with good profits on a turnover of £350,000.
LEASEHOLD
This is a fantastic opportunity to purchase a positively branded financial advisory firm with an innovative and contemporary approach to business whilst retaining traditional standards of excellence in client service.
LEASEHOLD
|
20
|
|
May
|
Administrators seek buyer for gourmet instant noodle brand | ADMINISTRATION
Bournemouth-based instant foods brand Mr Lee’s Pure Fo...
|
19
|
|
May
|
Knights continues acquisition-lead growth strategy with £11.5m deal for law firm | BUSINESS SALE
Legal services company Knights has acquired Portsmouth-headq...
|
18
|
|
May
|
Insolvencies forecast to surge 37 per cent in 2022 as inflation hits 40-year high | BUSINESS NEWS
Businesses in the UK look set to come under continuing press...
Sign up to receive our acquisition alert emails to get your FREE guide
|
17
|
|
May
|
Buyer sought as fashion brand Amanda Wakeley enters administration | ADMINISTRATION
A buyer is being sought for British fashion brand Amanda Wak...
|
23
|
|
May
|
Fintech company Loot collapses into administration | ADMINISTRATION
After failing to secure further backing from the Royal Bank ...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources